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Joseph Stiglitz on Pioneering Economic Theories, Policy Challenges, and His Intellectual Legacy
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Manage episode 427088573 series 3253011
Intro
- One person’s freedom is another person’s unfreedom
- Unanimity theorem, also known as the Stiglitz-Greenwald theorem, posits that in the presence of incomplete markets and imperfect information, the competitive equilibrium is generally not Pareto efficient
- Sharecropping can create poor incentives for tenants to work hard or invest in land improvement because they only receive a fraction of the output, leading to lower agricultural productivity compared to other forms of land tenure
- Cities can achieve optimal sizes by balancing the benefits of agglomeration economies (such as increased productivity and innovation due to proximity) against the costs (such as congestion and pollution)
- Carefully designed tax policies and urban planning can help cities grow in a way that maximizes economic efficiency and equity
- Markets cannot be perfectly efficient because if prices fully reflect all available information, there would be no incentive for traders to acquire information, leading to a paradox
- Markets are not very good at pricing risk into the decision-making process
- Credit availability of monetary policy is what matters – not the money supply or interest rate
- Hierarchies are particularly problematic when the people the at the top of them are not good decision makers
Read the full notes @ podcastnotes.org
Nobel Prize-winning economist Joseph Stiglitz joined Tyler for a discussion that weaves through Joe’s career and key contributions, including what he learned from giving an 8-lecture in Japan, how being a debater influenced his intellectual development, why he tried to abolish fraternities at Amherst, how studying Kenyan sharecropping led to one of his most influential papers, what he thinks today of Georgism and the YIMBY movement, why he was too right-wing for Cambridge, why he left Gary, Indiana, his current views on high trading volumes and liquidity, the biggest difference between him and Paul Krugman, what working in Washington, DC taught him about hierarchies, what he’ll do next, and more.
Read a full transcript enhanced with helpful links, or watch the full video.
Recorded April 22nd, 2024.
Other ways to connect
- Follow us on X and Instagram
- Follow Tyler on X
- Follow Joseph on X
- Sign up for our newsletter
- Join our Discord
- Email us: cowenconvos@mercatus.gmu.edu
- Learn more about Conversations with Tyler and other Mercatus Center podcasts here.
33 tập
Fetch error
Hmmm there seems to be a problem fetching this series right now. Last successful fetch was on October 04, 2024 02:41 ()
What now? This series will be checked again in the next day. If you believe it should be working, please verify the publisher's feed link below is valid and includes actual episode links. You can contact support to request the feed be immediately fetched.
Manage episode 427088573 series 3253011
Intro
- One person’s freedom is another person’s unfreedom
- Unanimity theorem, also known as the Stiglitz-Greenwald theorem, posits that in the presence of incomplete markets and imperfect information, the competitive equilibrium is generally not Pareto efficient
- Sharecropping can create poor incentives for tenants to work hard or invest in land improvement because they only receive a fraction of the output, leading to lower agricultural productivity compared to other forms of land tenure
- Cities can achieve optimal sizes by balancing the benefits of agglomeration economies (such as increased productivity and innovation due to proximity) against the costs (such as congestion and pollution)
- Carefully designed tax policies and urban planning can help cities grow in a way that maximizes economic efficiency and equity
- Markets cannot be perfectly efficient because if prices fully reflect all available information, there would be no incentive for traders to acquire information, leading to a paradox
- Markets are not very good at pricing risk into the decision-making process
- Credit availability of monetary policy is what matters – not the money supply or interest rate
- Hierarchies are particularly problematic when the people the at the top of them are not good decision makers
Read the full notes @ podcastnotes.org
Nobel Prize-winning economist Joseph Stiglitz joined Tyler for a discussion that weaves through Joe’s career and key contributions, including what he learned from giving an 8-lecture in Japan, how being a debater influenced his intellectual development, why he tried to abolish fraternities at Amherst, how studying Kenyan sharecropping led to one of his most influential papers, what he thinks today of Georgism and the YIMBY movement, why he was too right-wing for Cambridge, why he left Gary, Indiana, his current views on high trading volumes and liquidity, the biggest difference between him and Paul Krugman, what working in Washington, DC taught him about hierarchies, what he’ll do next, and more.
Read a full transcript enhanced with helpful links, or watch the full video.
Recorded April 22nd, 2024.
Other ways to connect
- Follow us on X and Instagram
- Follow Tyler on X
- Follow Joseph on X
- Sign up for our newsletter
- Join our Discord
- Email us: cowenconvos@mercatus.gmu.edu
- Learn more about Conversations with Tyler and other Mercatus Center podcasts here.
33 tập
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